Ken Chigbo
Independent Analyst
- Tax authorities in Japan are reviewing larger transactions to ensure they have been correctly declared for tax purposes.
- They have calculated that there is around $90 million worth of cryptocurrency income in the country.
A local Japanese news outlet, The Asahi Shimbun, reported that the tax authorities in Japan are taking a look into some of the larger crypto transactions and whether declarations on the tax front has been correctly done.
Sources close to the publication detailed that there are some fifty traders and around thirty companies that have an estimated $90 million worth of cryptocurrency income. The report details to its own beliefs that come to the start of next year, the new system will be integrated that would allow the following:
Tax authorities to ask private-sector exchange operators to provide the names of clients under certain conditions, such as conducting transactions exceeding a certain amount.
Further within the reported it stated:
The authorities also believe that holders of about 7 billion yen of such income made efforts to conceal their income from cryptocurrency transactions. In light of the discovery, tax authorities are apparently considering filing criminal complaints over tax evasion against those who have made especially large gains or used nefarious methods, such as masking their identity.
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